Payments Network Malaysia Sdn Bhd (PayNet) and digital payment, digitisation and financial technology provider Ant International empowered new growth opportunities for Malaysian SMEs through seamless cross-border payments.
Alipay+, a unified wallet gateway with cross-border payment and digitisation services under Ant International, went live on DuitNow QR, a Malaysian national QR code standard, in October 2023. This integration enabled Malaysian SMEs to accept QR payments from international travellers.
Gary Yeoh, PayNet's chief marketing officer, highlighted the role of Alipay+ in empowering local merchants to compete on an international scale. He commented: "Our partnership with Ant International has significantly enhanced cross-border payment acceptance for local merchants, helping them tap into a growing wave of global travellers. With Alipay+ as a key driver, DuitNow QR is empowering SMEs to compete on an international scale, reinforcing Malaysia's position as a premier travel and shopping destination."
Gateway to growth
The first full year of partnership with Alipay+ in 2024 made up more than 80% of cross-border inbound QR payments via DuitNow. This significant milestone also led to a remarkable 6 times growth in revenue for Malaysian merchants in the peak travel season in December 2024, compared to the same period in 2023.
"We have always believed in the power of travel for connectivity, cultural exchange and as an economic driver," said Edward Yue, general manager for Southeast Asia, Australia and New Zealand, Ant International.
"With Alipay+, we offer local businesses a gateway to global customers, driving more inclusive growth in local communities. PayNet has built the infrastructure and partnerships to enable this, and we're proud to collaborate and bring international users into this ecosystem. We're just getting started, and in the years ahead, we can make an even greater impact together, positioning Malaysia as a global tourism hub and generating more growth for Malaysian businesses," Yue added.
